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Former tenant drops legal claim against Soilbuild Business Space REIT

Soilbuild Business Space REIT said a former tenant that pursued legal proceedings against the company in May 2016 has filed a notice of discontinuance for the claim Aug. 31.

The claim centers on the Singaporean real estate investment trust's 72 Loyang Way facility in the city-state. Technics Offshore Engineering Pte. Ltd. and its guarantor Technics Oil & Gas Ltd. had said there was unlawful conspiracy surrounding the sale and leaseback deal for the property.

The landlord and tenant parted ways in December 2016 with the termination of a lease agreement.

As at Dec. 31, 2017, the 171,293-square-foot 72 Loyang Way is 27.0% occupied by three tenants. The REIT bought the property in May 2015 for S$98.1 million.

As of Sept. 6, US$1 was equivalent to S$1.38.